For this week's essay assignment, you will continue to analyze the business venture you chose for the week 1 project assignment. Make any corrections requested by your instructor to the business description assignment you submitted last week and simply add sections to cover the two areas below. After you have read and absorbed the lesson material this week, head into the library and internet and locate information sites regarding the products or services to further analyze the potential for the venture, and to begin analyzing the potential for this business. You will want to cover the following areas in your write up this week:
- An industry overview in the U.S. and in the location you will potentially start this business
- Information regarding the competitive environment
- An analysis of the market that identifies risks, opportunities, trends in growth
- Franchise opportunities
Here is your mission for the sections you will add to your Week 1 project:
1. In some detail, identify the market segments and the trends in those markets. Include expert assessment of the potential for your venture, and the risks and potential stumbling blocks to entry. Provide evidence that a new player is needed in your local market by doing some market research that identifies competitors already in your region. Look for credible sources and research to support and explain what this business venture is and how it works in the economy.
2. Generate a complete list of the types of information you would need in order to begin to build a business plan (e.g., market size, rate of growth, number of competitors, etc.) and supply with each your insight into how to gather this data. Collect and record only credible sources and research to support and explain your list. You should cite specific articles and/or organizations (e.g., an article in the Wall Street Journal, or the National Association of Pharmaceutical Manufacturers)--be sure to collect information from both library (scholarly) and web sources.
This essay is to be a minimum of 1000 words and you are to include a minimum of three credible sources from you research in order to support the writing of a business plan. Be sure your references are in APA format. Discuss each source and how it will benefit you if you were writing a business plan. You should have a minimum of 6-8 sources and 3 of those should be from the library or government websites. If you are unsure about what an annotated reference list is--here is a quick video series that might help: